My last update for Sirius XM Holdings (SIRI) was back in March 2017 and it was titled "3/21/2017 – Sirius XM Holdings (SIRI) Stock Chart Update".
In that previous SIRI update, I mentioned that SIRI's share price was poised to continue its uptrend and continue making new highs.
Trendy Stock Charts members have not been disappointed. Let's review the uptrend's status on a shorter-term basis as SIRI's share price has had some volatile price swings over the last couple of weeks.
Sirius XM Holdings (SIRI) - Bearish Warning
This first chart is a 2 year weekly candlestick chart. Because of the Bearish Engulfing candlestick pattern that developed last week, the risk for SIRI's share price is to the downside until SIRI makes a new 52 week high. A Bearish Engulfing candlestick pattern is a bearish reversal candlestick pattern. The candlestick pattern was also confirmed by increased selling volume.
The gray shaded box represents the best area to look to repurchase any sold shares or to make a scale-in purchase of shares to add to the portfolio. This would be SIRI's second major re-test of its breakout area. The second re-test should be the last.
If SIRI's share price can make a new 52 week high in the next 2 weeks….
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